If this is your first visit, be sure to
check out the FAQ by clicking the
link above. You may have to register
before you can post: click the register link above to proceed. To start viewing messages,
select the forum that you want to visit from the selection below.

View Poll Results: Does Mitt's history as a prankster mean he's a bad president-to-be?

I guess I do not get how you have to scramble. You are running a business, you have revenue and expenses. Probably operating OCBOA or the cash basis, correct? Not accrual accounting with receivables, payables, prepaids etc... You are operating checkbook accounting basically. Money actually received income, money actually spent is expense. Ever see cash register receipts laying on the ground for cash? Pick em up.

Seriously though, you should be keeping better accounting records it seems if you need to scramble to knock down your tax liability at year end. You keep track of your mileage for business use of a persoanl vehicle? This can mean thousands off income a year.

Yes, I keep track of mileage and expenditures and things like that, but all the money I take in (for myself, after the portion I set aside for taxes) is pretty much already spoken for when it arrives. Mileage isn't that much since I basically work remotely from all my clients. In order to have deductions, I have to spend the money first. It takes some juggling, basically, is what I'm trying to say.

Yes, I keep track of mileage and expenditures and things like that, but all the money I take in (for myself, after the portion I set aside for taxes) is pretty much already spoken for when it arrives. Mileage isn't that much since I basically work remotely from all my clients. In order to have deductions, I have to spend the money first. It takes some juggling, basically, is what I'm trying to say.

Sounds like you need to increase revenues! Well, if you ever need help or have acctg questions, shoot me a pm.

And seriously, the reason people who make $20K and less a year get their tax withholdings refunded to them basically in full is due to the tax code, which at this point has been so shot full of holes by presidents of all stripes as to be rendered basically useless. I'm really tired of this argument that low-income people don't pay taxes and are therefore of less use to society. They pay taxes. Your fucking rules give that money back to them. If you don't like it, change it, but shit or get off the pot.

The dumbest thing about this 47% thing is that the right is using "income tax" as though it means the same thing as "tax". Newsflash: it doesn't. Of the 47% of Americans who paid no income tax last year, more than half (28% of all taxpayers) have jobs and pay payroll taxes. (As for the rest, 10% are elderly, and 7% earn less than $20,000 a year.) So really, it's 9% that simply "don't pay taxes", unless you want to attack the elderly.

I also find it ironic how people on the right bitch about people who don't pay taxes, while simultaneously bitching about taxes existing in the first place. Personally, I pay my taxes and don't mind doing so, considering all the things we all use that taxes pay for.